The Crouching Venus, a sculpture by John Nost the Elder, which was acquired by the V&A (£485,000)

Tax relief benefits

Lord Inglewood, Chairman of the Reviewing Committee, said:

“It is very encouraging that, thanks to tax relief, institutions had to raise just under £9.3 million in order to purchase items worth over £29 million. This shows the benefits that can arise from the workings of a tax system which encourages the retention of treasures like these in this country. I would encourage the Treasury to look sympathetically and constructively at how the nation in the future can benefit even more from such schemes.”

Objects of national importance

Many valuable cultural objects over 50 years of age require a licence for export out of the UK. Where the object has been in the UK for 50 years or more, the Reviewing Committee review these items against the three Waverley Criteria to assess whether the object is of national importance.

The Culture Secretary can then place a temporary export bar on item assessed as of national importance, giving institutions or individuals in the UK time to raise the necessary funds to purchase it.

“It’s fantastic that these four treasures are now on permanent public display in the UK and I congratulate all those involved in the fundraising efforts to keep them in Britain. The export licensing system is a valuable tool in preventing items like these from disappearing abroad and ensuring they will be enjoyed for generations to come.”